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OMNIQ Corp reports Q4 results, eyes future growth By Investing.com

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In the Fourth Quarter 2023 Earnings Conference Call, OMNIQ Corp (OTCQB: NASDAQ:) CEO Shai Lustgarten provided an overview of the company’s financial performance and strategic developments. OMNIQ Corp reported a Q4 revenue of $15.5 million with a gross margin of 30.5% and a net loss of $17.8 million.

For the full year, revenue was $18.1 million, marking a decrease from the previous year, and a net loss of $29.4 million. Despite the losses, the company achieved over $5 million in cost savings and signed significant contracts, including with Israel’s largest logistics center and a deal to install self-service taxi kiosks at Ben Gurion Airport.

The acquisition of CodeBlocks positions OMNIQ in the fintech space, and the company is optimistic about growth and profitability in 2024, backed by orders from Fortune 500 and Fortune 100 companies.

Key Takeaways

  • OMNIQ Corp announced a Q4 revenue of $15.5 million and a gross margin of 30.5%.
  • The company reported a net loss of $17.8 million for Q4 and $29.4 million for the full year 2023.
  • Significant contracts were secured, including with Israel’s largest logistics center and a major fast-food chain.
  • OMNIQ acquired CodeBlocks to enhance their fintech solutions and AI technology offerings.
  • CEO Shai Lustgarten expressed confidence in future growth and profitability in 2024.

Company Outlook

  • OMNIQ anticipates profitability in 2023 and growth in 2024.
  • The company has secured orders from prominent enterprises, signaling confidence in its future potential.

Bearish Highlights

  • OMNIQ reported a decrease in annual revenue from the previous year.
  • The net loss for the year was substantial, totaling $29.4 million.

Bullish Highlights

  • The company achieved significant cost savings of over $5 million in 2023.
  • Contracts with Fortune 500 and Fortune 100 companies have been secured, indicating strong market trust.

Misses

  • Despite strategic advancements and new contracts, OMNIQ experienced a net loss for both Q4 2023 and the full year.

Q&A Highlights

  • CEO Shai Lustgarten responded to an analyst’s inquiry about future expectations by noting the turnaround in market conditions and the company’s preparation for growth and profitability in 2024.

OMNIQ Corp’s CEO Shai Lustgarten highlighted the company’s efforts to innovate and expand, particularly through their recent acquisition of CodeBlocks, which enhances their fintech offerings.

The company’s AI machine vision technology has been selected by security authorities and airports globally, reflecting its strong…

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